Morgans initiates coverage on Camplify Holdings with an Add recommendation, and notes shares are trading at an around -40% discount to the broker’s target price of $1.88.
The company operates one of Australia’s leading peer-to-peer marketplace platforms connecting RV owners and small/medium-sized enterprises to potential hirers.
The platform provides an end-to-end solution to both parties of the transaction including RV discovery, bookings and payment, insurance facilitation and customer support. The company has a domestic fleet of around 6,200 RVs, and 130,000 members.
The operations are across multiple geographies, including Australia, New Zealand and UK/Europe, which have circa 93%, 2.5% and 4.5%, respectively, of forecast FY21 gross transaction value (GTV).
Sector: Materials.
Target price is $1.88.Current Price is $1.30. Difference: $0.58 – (brackets indicate current price is over target). If CHL meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges – negative figures indicate an expected loss).
